What Is Covered By Inland Marine Insurance?

December 2018
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Do you need inland marine insurance to protect the tools and equipment your business relies on?

What is Inland Marine Insurance?

Inland marine covers items on the move.

To be more specific, this commercial coverage protects products, materials, and equipment when transported over land or temporarily stored by a third-party.

What’s Covered By Inland Marine Insurance?

As mentioned above, inland marine covers products, materials, tools, and equipment that’s on the move - typically by truck or train.

Inland marine typically covers:

  • Cargo being shipped by truck or train
  • Construction equipment
  • Computers and hardware
  • Communications equipment
  • Photography equipment
  • Medical and scientific equipment

While your products or equipment are at your place of business, they’re likely covered by your commercial property insurance. Inland marine steps in to make sure they’re covered once they leave your doors.

Who Needs Inland Marine Insurance?

If you have items that are mobile or moveable or will be in transit - this coverage could be right for you.

But inland marine isn’t just for businesses that ship products to customers. It can also be of benefit if someone else’s property is in your possession.

Here are a few examples of businesses that can use inland marine:

Trucking and Cargo Companies

Also known as motor truck cargo coverage, this policy can keep clients’ goods protected while you store, transport, and deliver them.

Construction and Artisan Contractors

Inland marine insurance can protect the high-value hand tools and equipment (large and small) that construction professionals and artisan contractors move from job site to site.

Renewable and Solar Energy Providers

Solar and renewable energy research, development, and installation is a growing industry. Protect your company’s resources with inland marine coverage and you can be sure your renewable energy equipment is covered when it’s on the move.

Medical Device Companies

Medical diagnostic and medical device equipment can be extremely valuable. When you’ve got CAT scanners, MRI equipment, X-ray equipment, ultrasound equipment and other medical devices to transport from one location to another, let inland marine cover these high-value assets.

Fine Art Dealers

Museums, galleries, and fine art dealers can depend on inland marine insurance to protect art against theft, damage, or destruction as high-value pieces are transported or displayed in various locations.

Photographers and Videographers

As you travel from site to site, inland marine can help photographers, videographers and DJs protect camera, music, lighting, and computer equipment.

Warehouse and Logistics

Inland marine insurance protects goods being shipped and stored in third-party warehouses and shipping/ logistics/ warehousing companies are some of the primary users of this commercial coverage.

And so many more…

Do you have a tradeshow booth that travels around the country? Do you send valuable equipment, supplies, or products by train or truck - or store these business assets in third-party warehouses? You don’t have to be a contractor, cargo trucker, or fine art dealer to benefit from the protection that inland marine insurance offers. There are many industries where inland marine is an essential part of a well-rounded commercial package.

How Does Inland Marine Work?

Inland marine can be written in two ways, as either:

All-risk policy: covers all types of perils unless specifically stated as excluded

Named peril policy: only covers against losses specifically listed in the policy

All-risk coverage typically includes losses from:

  • Theft and burglary
  • Fire and smoke
  • Wind
  • Hail
  • Lightning
  • Water damage
  • Mysterious disappearances
  • Transportation losses

Two of the most frequent inland marine losses are collisions and cargo theft.

What’s not covered by inland marine? Typical exclusions from all-risk coverage can include normal wear-and-tear or the gradual deterioration of your property.

Inland marine is available as a stand-alone policy or can be packaged together with other commercial lines into a comprehensive defense for your business. Talk to your insurance agent to find out if your moveable goods need the protection of inland marine coverage.

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